The Teranet April Canadian house price index fell 1.5% in April in the fourth consecutive monthly decline, on a seasonally-adjusted basis.
In year-over-year terms, prices eked out a 0.2% gain nationally after a 2.3% increase the month before. There is strength in Quebec while the Toronto area is struggling with the city down 3.5% y/y.
Today’s CPI report won’t help as it’s dimmed the pricing for a June cut to just 39%. Canadian benchmark 5-year rates are also up to 2.88%, which is near the top end of the range since February.
This article was written by Adam Button at www.forexlive.com.